The Benefits of an Open Dialog About Estate Planning

Author Archives: Phillip A. Baumann

The Benefits of an Open Dialog About Estate Planning

Estate planning is a difficult topic of conversation to broach. No one likes to think about their own mortality and it can be difficult for family members to grapple with the idea of losing a loved one. However, it is far more advantageous to have an open dialog about estate planning issues than to procrastinate […]

Estate Planning in a Pandemic: Tips to Consider

Estate planning can be a complicated endeavor even in normal circumstances. But as we head into a third year affected by the global COVID-19 pandemic, it has become even more important for people to make sure they have an estate plan in place and, if not, to perform the necessary preparations for their future. Here […]

What to Include in a Living Will

A living will is a legal document that provides instructions to doctors and providers about your preferences for end-of-life medical care. Living wills are beneficial because they remove some of the burden from your healthcare surrogate to make decisions on your behalf. Here are a few of the items you may wish to include in […]

How to Discuss Your Estate Planning Wishes With Your Family

Estate planning can be a difficult topic to discuss. After all, it’s understandable to not want to think about your own mortality. However, discussing your estate plan with your family is an important part of making sure your wishes are carried out. It also allows you to work through potential issues or arguments among family […]

Tips for a Successful Business Transition to the Next Generation

If you own a family business, part of your estate planning process should focus on how you will pass down your business to the next generation, be it your children or someone else. There are, of course, some steps you’ll need to take internally within your company as well. But you should consider succession planning […]

Basic Guidelines for Choosing a Personal Representative in Florida

Your personal representative will play a crucial role in the administration of your estate after your death. They will protect and manage your property until all taxes and debts are satisfied, all assets distributed and an order of discharge is entered. Florida has specific requirements that you must follow when selecting a personal representative. A […]

Estate Planning Considerations After a Dementia Diagnosis

It can be tough to come to terms with a dementia diagnosis. People who suffer from dementia could see significant decreased cognitive ability and memory. In the wake of a dementia diagnosis, you should take immediate action to develop or update estate planning documents. These documents are only legally valid if the person signing them […]

Giving Gifts to Reduce Your Federal Estate Taxes

The vast majority of Americans will not need to worry about estate taxes affecting their estate. However, for those who are near or above the current federal estate tax exemption ($11.7 million for each person as of 2021), there are some strategies you can employ to reduce your tax liability. One such strategy is giving […]

Retirement Assets Can Be Designated to Charities

If you’re looking for ways to support charitable organizations in your estate plan, you should consider leaving retirement assets to a charity or cause of your choosing. Retirement assets are often among the highest-taxed assets in an estate, so if you are looking for ways to reduce your potential estate tax liability. The primary advantages […]

Updating a Will After the Birth of Another Child

When you first created your estate plan, you might have had fewer children than you have now. Does your current will provide for your after-born children? If not, you may want to revise your will. You should at least review your will and see if there is any language that needs to be updated. Here […]